Pakistan Wishes for Digital Currency
In keeping with current trends, Pakistan has started studies to lay the groundwork for the introduction of its own digital currency, similar to the well-known cryptocurrency bitcoin, in an effort to expand banking services to the economically disadvantaged and facilitate the fight against money laundering and terrorism financing.
Also, the virtual currency will help the leadership fight corruption, one of the main goals of the present Pakistan Tehreek-e-Insaf (PTI) administration. On the platform of eliminating corruption from the nation, the PTI was elected to power in August 2018.
The real currency notes and coins won’t be replaced by electronic money overnight. The two currencies may coexist side by side in the system, but hard currency will continue to rule for years and decades.
Yet, it has been learned that the Ministry of Finance may at least adopt the digital money and gradually extend its use in order to eradicate corruption.
The biggest advantage of digital currency is that every financial transaction is recorded, allowing the government to keep tabs on who receives money from whom and for what purposes.
According to the Pakistan Telecommunication Authority, Pakistan has 208 million people and 180 million mobile phone connections, with 95 million of those people using the cutting-edge 3G/4G internet (PTA).
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